Islamabad: As per the latest news, the negotiations on the Pakistan Stream Gas Pipeline (PSGP) Project had begun between senior officials of a Russian corporation and Pakistani officials to negotiate an agreement for the project’s construction.

According to sources, negotiations on the PSGP project began on Monday in the federal capital between high-ranking Pakistani officials and officials of the Russian company ETK, with a final decision on whether the project will be built by a Russian company at a cost of $2.5 billion or by Pakistani companies at a cost of $1.6 billion expected soon.

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According to reports, a twelve-member Russian delegation has arrived in Pakistan to discuss the Head of Terms, shareholders agreement, and other corporate agreements with the government-appointed Technical Committee for the project. The talks will continue through July 15th.

The delegation comprises A.A.Tolpatov, Deputy Director of Department of Foreign Economic Cooperation and Fuel Markets Development, V.I. Sheherbatykh, General Director,  A.I.Rubtsov, General Director Advisor, Yousef Asif, Deputy General Director, A.V. Bolshakov, Deputy Chairman, I.L.Perstrikov, Deputy Chairman, E.V. Bulgakova, Deputry Chairman, V.V.Shmatovich, Vice President, V.A. Romanov, Deputy Project Director, A.V.Saraykin, Legal Counsel, B.B.Neimerovrts, Deputy Finance Director, A.R. Bargulakov, Project Technical Director.

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On Pakistan’s side, the team comprises of Secretary to the Attorney General for Pakistan, Secretaries of Finance, Law and Justice Division, Director General (Gas &LGs) of Policy Wing, petroleum division, Managing Director of Government Holdings (Pvt.) Limited (GHPL), and Inter State Gas Systems (Pvt.) Limited (ISGS), Head of Technical, Finance and Legal ISGSL and Company Secretary, ISGSL of petroleum.

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The sources stated, “Despite the reservation raised by Special Assistant to Prime Minister (SAPM) on Petroleum and Power Tabish Gauhar and the Cabinet Committee on Energy to explore alternate options to materialise the project, a high level Russian delegation has arrived to finalise the agreement.”

According to sources, the PSGP is expected to be built with Russian help, with Pakistan contributing 70% of the entire anticipated cost of $2.5 billion for the North-South Gas Pipeline and Russia contributing 30% of the whole cost.

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